Sec. 12. (a) Except as provided by IC 5-1-14-10 and subsection (c), the maximum term or repayment period for bonds issued by a school corporation for a school building construction project may not exceed twenty (20) years after the date of the issuance of the bonds.

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Terms Used In Indiana Code 20-46-7-12

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
     (b) If a school corporation is an eligible school corporation under IC 5-1-5-2.5, the school corporation may extend the repayment period beyond the maximum repayment period that applied to the bond, loan, or lease at the time the obligation was incurred as provided by IC 5-1-5-2.5.

     (c) Except as provided by IC 5-1-14-10, the maximum term or repayment period for bonds issued by a school corporation for a school building construction project and to repay loans made or guaranteed by a federal agency may not exceed forty (40) years after the date of the issuance of the bonds.

[Pre-2006 Recodification Citation: 6-1.1-19-4.6.]

As added by P.L.2-2006, SEC.169. Amended by P.L.146-2008, SEC.514; P.L.229-2011, SEC.220; P.L.159-2020, SEC.63.

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